Boney Market-Overview of Minimum Deposit, Leverage, Spreads

General Information

Established in 2022, Boney Market is an online forex broker registered in Bulgaria, boasting that it offers clients access to a massive financial markets, such as Forex, Commodities, Index CFDs and Cryptos. Boney Market hypes that it offers the leading MT4 trading platform, with the leverage up to 1:400.

Is safe to trade with？

When it comes to regulation, it has been verified that Boney Market, an unregulated offshore forex broker, has not authorized or regulated by any regulatory authorities. Consequently, its regulated status is classified as “No License” and it receives a very low score of 1.13/10 on the WikiFX website.

If you trade with an unregulated forex broker, you are asking for a financial disaster. Please be aware of the risk.

Market Instruments

Boney Market claims to offers its clients access to a bulk of more than 200 trading instruments. Different types of trading assets, such as Foreign Exchange, Commodities, Index CFDs and Cryptocurrencies are all available through this brokerage platform.

Account Types

Boney Market only offers two trading accounts, a demo account and a real account. the demo account is filled with $10,000 worth of virtual currency, with 5x24 analysis and support. A demo account allows beginners to get a feel of this platform and test the water of forex trading without risking their real money.

The Real account comes with the high leverage up to 1:400, and this broker promises that it offers low spreads and fused signals.

How to open a live account with Boney Market？

Opening an account with Boney Market is simple and easy, with a few straightforward steps to follow:

1. Click on the “Open A Live account” Link and fill in the application form.

2. Upload your photo ID and Proof of Address document from inside your client portal which will be verified by this trading accounts.

3. After verification, your account is successfully registered. Fund your account and then start trading.

Leverage

The maximum trading leverage offered by Boney Market is absurdly high, reaching up to 1:400, which is much above the levels considered appropriate by many regulatory authorities.

Since leverage can amplify gains as well as losses, it is important for traders to select the proper amount that they feel most at ease.

Spreads & Commissions

Boney Market displays spread examples on some particular instruments, with spreads on currency pairs quite competitive, 0.2 pips on the EUR/USD pair, 0.4 pips on the USDJPY pair, 1.2 pips on the USDCAD pair, 60 pips on XUAUSD, 30 pips on XAGUSD.

Please note that prices are examples and not real-time pricing.

Swap Rates

If you plan to hold your position overnight, you should always consider swap rates as an additional cost. Each currency pair has its own swap charge and is measured on Standard size of 1.0 lots. Swap rates are calculated in points, MT4 covert them automatically into the base currency of your account.

Please note that swaps are charged at triple rate on Wednesday night.

Trading Platform

Boney Market gives its clients access two choices of trading platform the leading the MT4 trading platform that can be accessed via Desktop, Mobile. MT4 is among the most popular trading platforms around the world, featuring multiple technical indicators, robust charting package, the ability to use automated trading bots (Expert Advisors), and the flexibility of the interface.

Deposit & Withdrawal

Boney Market is vague about how traders can make a deposit and withdrawal. The minimum deposit amount is not disclosed, either.

Restricted Regions

Boney Market does not accept residents of some countries, such as U.S. Canada, Yamen, Iran, etc.

Customer Support

Concerning this part, Boney Markets 7 x24 customer support can be accessed through the following channels:

Telephone: +380 68 465 2784

Online Communication

Besides, you can also follow this brokerage on some social media platforms, such as Facebook, Twitter, and Youtube.

Service Hour: Monday to Friday: 09:00 to 18:100.

Risk Waring

Forex and online leverage trading contain a high level of risk, and it is not suitable for all investors.

Please note the information contained in this information is for general information purposes only.